PORT OF SPAIN, Trinidad, Oct 22, CMC -The Trinidad-based Caribbean Court of Justice (CCJ) Tuesday dismissed a lawsuit brought against the Trinidad and Tobago government over the 2009 collapse of the British American Insurance Co. Ltd and Colonial Life Insurance Co. Ltd insurance giants.
“The case is dismissed and the parties were ordered to bear their own costs,” CCJ President, Justice Adrian Saunders said in the summary of the judgement.
The British American Insurance Co. Ltd and Colonial Life Insurance Co. Ltd. Policy Holders Group (BACOL) brought the lawsuit, claiming that after 15 years of perseverance, it has “significantly advanced the pursuit of financial justice” for policyholders in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines who have “suffered extreme financial loss and hardship” after the collapse of the British American Insurance Co. Ltd. (BAICO).
BACOL said the collapse resulted in losses of over EC$800,000,000 (One EC dollar=US$0.37 cents) to businesses and individuals.
(Details in Full News section)
CMC/2024